The reality is that with new construction your taxes should be a fraction of that cost the first year & will gradually increase to be fully accessed in yr 3 likely. 

He charges me a fraction of what it would be for a full inspection.  

From highly appreciated CA, HI and WA properties into multiple turn keys in the midwest to a large sale of oil interests (yes that counts as real estate) into a fractional TIC with a national corporate tenant.  

I did find a note that i was able to purchase a fraction of ($17,000) that pays 10% for 12 years.  

Not many are building new in this climate and the cash equity players want to large of a share to inject capital.The other thing is there are so many fractured projects you can buy from banks and re-purpose for a fraction of replacement costs.Material costs are stable but labor is cheap right now for construction.In my area usually they just set up an LLC for the project with a JV equity agreement.

Nonetheless, I would suggest that you diversify every so often with a buy and hold or a fractional ownership in one of the hot growth markets south of the Mas-Dix or west of the Misippee. 

You can buy a luxury home on the OR coast right now for a fraction of the cost compared to California.Would make a impactful experience and with the combination of the therapy help millions of people, while making Millions a year!

Your tenant will appreciate it and it will cost you a fraction of what a new appliance will cost. 

We are JUST starting to see fractionals offered here, I don't have an opinion yet...

When I pass that new STR owner to the PM, he gets a small fraction of the gross revenue each month (small faucet).